That IPO valuation is starting to look even more shaky now that they're bundling AI (and forcing?) bookrunners to buy into a weaker business. Looking like a capital raise to prop up his other businesses.

VCs steer their portfolio companies to buy from each other. They can even steer some to buy from a certain one to juice revenue from that certain one for a higher valuation, at a great multiplier of the money they'll lose on the purchasers.

This sounds sort of the same: "Look at the growth in Grok as of the IPO time!"

The xAI merger is the core of the rugpull

SpaceX made 8 billion in profit last year and xAI is losing 1B per month.

The whole IPO is convincing people that datacenters in space that are orders of magnitude more expensive than ones on earth is a financially viable business model and that tens of millions of people that already have internet are going to give up fiber for starlink.

It’s FSD and robotaxis x100